ASIC signs fintech agreement with Hong Kong

ASIC has signed a co-operation agreement with Hong Kong’s regulator, which is intended to provide a framework to support and understand financial innovation in each economy.

According to a recent statement, the agreement between ASIC and the Hong Kong Securities and Futures Commission (SFC) will enable the two regulators to refer innovative fintech businesses to each other for advice and support.

The agreement also provides a framework for information sharing between the two regulators. This will enable ASIC to be informed of regulatory and relevant economic or commercial developments in Hong Kong and to use this to inform Australia's regulatory approach.

This is the fourth fintech referral agreement ASIC has entered into, following on from agreements with the UK, Singapore and Ontario (Canada).